Busan sets goal to become a global blockchain city

[Photo by Park Dong-min]

South Korea’s southern port city of Busan has the potential to become a global blockchain city if it boldly eliminates regulations on digital assets and promotes public-private collaboration, according to Rory Knight, chairman of Oxford Metrica, a strategic advisory firm based in the United Kingdom.

Knight’s remarks were made during Blockchain Week in Busan 2023 (BWB 2023), an event co-hosted by the city of Busan, Maeil Business Newspaper, and Busan llbo on Thursday.

Knight also served as the dean of Templeton, the University of Oxford’s business college, and deputy governor of the Swiss National Bank.

BWB 2023 invited blockchain experts from home and aboard to discuss ways to develop Busan into a global blockchain city.

“Blockchain is a technology that will overcome the drawbacks of data monopolies and centralized authority in the digital society,” said Busan Mayor Park Heong-joon during the opening ceremony.

The mayor emphasized that Busan aims to become the first blockchain city to actively embrace the decentralized Web 3.0 era by restructuring the entire city infrastructure using blockchain technology.

“By 2026, through distributed identity authentication and citizen voting, we will ensure that citizens’ opinions are directly reflected in municipal administration and make assets such as raw materials and precious metals tokenized and tradable on the Busan Digital Asset Exchange, which is scheduled to be launched within the year,” Park said.

The inauguration ceremony of the Busan Blockchain Alliance (BBA) was held during the event, with over 120 domestic and foreign companies in attendance.

The companies united in their commitment to transforming Busan into a global blockchain city and pledged to take the lead in creating a blockchain industry ecosystem in Busan and promote economic revitalization.

The alliance is joined by fintech and blockchain companies, including Shinhan Bank Co., Hana Financial Group Inc.’s fintech subsidiary Finnq, Upbit operator Dunamu’s technology subsidiary Lambda256, Bithumb Korea Co.’s subsidiary CODE, and global digital asset exchange Crypto.com.